M&S Expands In Central And Eastern Europe

Marks & Spencer has entered into joint venture with franchise partner COMS to expand in Central and Eastern Europe.

 COMS, a.s. operates 13 Marks & Spencer stores in the
Czech Republic, Slovakia, Latvia and Lithuania. The joint venture
plans to open around 30 stores in these markets, together with
Estonia, over the next few years.
This announcement is in line
with Marks & Spencer's plans to invest in its existing franchise
partners where it will facilitate a faster pace of growth and greater
operating efficiency. Marks & Spencer plans to grow its
international business to 15-20% of Group revenues within the next
five years.

M&S is acquiring approximately 51% of COMS, a.s. for E13.6m in cash plus deferred consideration of up to E5.2m in cash based on business performance and the achievement of agreed targets.